CHESAPEAKE, VA. — Southeastern has brokered the $38.7 million sale of Greenbrier Square, a 260,602-square-foot shopping center located in Chesapeake, about seven miles south of Norfolk in Virginia’s Hampton Roads area. Principal Real Estate Investors purchased the asset from a regional developer. Anchored by the market’s first Kroger Marketplace, Greenbrier Square was 99 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Five Below, Tuesday Morning and Field & Stream. Ryan McArdle, David Rivers and Steve Collins of Southeastern’s investment sales team brokered the transaction.
ASHEVILLE, N.C. — CBRE has arranged the $28.3 million sale of Pack Square, a 137,592-square-foot mixed-use development located in Asheville’s historic district. Wicker Park Capital Management purchased the five-building project from Southeastern Development. Pack Square was 82.4 percent leased at the time of sale to tenants such as Rhubarb, Posana Café, Bomba!, Novus Architects, French Broad Chocolate Lounge and Edgewater Media Group Inc. Patrick Gildea, Mike Burkard, Steve Shields and Matt Smith of CBRE represented Southeastern Development in the sale.
ATLANTA — Lincoln Property Co. Southeast, in conjunction with its data center division Lincoln Rackhouse and a joint venture partner advised by Bailard Inc., has purchased an 88,000-square-foot data center in Atlanta from The Coca-Cola Co. in a sale-leaseback transaction. Coca-Cola will lease the facility from Lincoln through 2018 as the company continues to migrate its IT apps and data to cloud-based services. The new ownership plans to master lease the data center to a co-location provider once the Coca-Cola lease expires. Located at 40 Perimeter Center E. in Atlanta’s Central Perimeter submarket, the data center has been home to several Coca-Cola divisions over the past 15 years. Lincoln’s Chip Sipple will spearhead leasing locally and will team with Ryan Sullivan of Lincoln Rackhouse to identify national tenants and co-location providers to lease the building. Lincoln has also assumed management of the facility.
CHARLOTTE, N.C. — Carey Watermark Investors 2 Inc. (CWI 2) has purchased Charlotte Marriott City Center, a 19-story, 446-room hotel located in Uptown Charlotte. The sales price and seller were not disclosed, but Charlotte Business Journal reports that Marriott Hotel Services Inc. sold the hotel to CWI 2 for $152.2 million. The hotel underwent more than $40 million of capital improvements in 2016, including the addition of eight guest rooms, five food and beverage outlets and a fitness center, as well as updates to M Club Lounge and the lobby. Other hotel amenities include a business center and 20,000 square feet of meeting space, including 13 breakout rooms and a 9,100-square-foot ballroom.
FORT LAUDERDALE, FLA. — Summit Hotel Properties Inc., a hotel REIT based in Austin, Texas, has purchased the Courtyard by Marriott Fort Lauderdale, a 261-room hotel situated on Fort Lauderdale Beach. The $85 million acquisition includes a 0.8-acre vacant land parcel and 6,200 square feet of retail space. The hotel’s guestrooms were recently renovated, and Summit plans to invest $1.6 million over the next year into public space improvements and a patio bar redesign that will enhance the hotel’s outdoor experience. Over the past 12 months, the hotel had revenue per available room (RevPAR) of $155, which represents a 36 percent premium over the Summit’s pro forma RevPAR for the comparable period. The seller was not disclosed.
ATLANTA — CBRE’s Debt & Structured team in Atlanta has secured $61.9 million in financing for 715 Peachtree, a 10-story, 318,450-square-foot office building in Midtown Atlanta. The property is leased to office tenants including Honeywell and Spaces and retail tenants including Land of a Thousand Hills, Stone Summit and Bareburger. Jonathan Rice and Jeff Ackemann of CBRE arranged the three-year bridge loan through KKR & Co. LP on behalf of the borrowers, Carter and PCCP LLC. The loan will enable Carter to pay an existing loan used for renovations and refurbishment to the property, and provides for tenant improvements and leasing capital. Eric Ross, Clark Gore and Sabrina Gibson of CBRE manage leasing for 715 Peachtree on behalf of Carter, and CBRE’s Asset Services team manages the building.
NORFOLK, VA. — The Cordish Cos. and the City of Norfolk have opened Waterside District, a $40 million overhaul and rebranding of the former Waterside Festival Marketplace. The restaurant-heavy development is situated along the Elizabeth River waterfront in downtown Norfolk. Waterside District is anchored by The Market, a 30,000-square-foot food hall designed by Jeffrey Beers International that features local and regional concepts such as Starr Hill, Rappahannock Oyster Co. and Cogan’s Pizza. The Market will also feature a stage for live events. Other tenants at Waterside District include Guy Fieri’s Smokehouse, Blue Moon TapHouse, PBR Norfolk, The Fudgery, Chipotle and Stripers Seafood, as well as Harbor Club, an 8,000-square-foot mixed-use space overlooking the river for dining, cocktails and private events. Waterside District has created roughly 1,000 jobs for the local economy. Cordish signed a 50-year lease with the City of Norfolk for $1 per year featuring two 15-year extension options, according to The Virginian-Pilot. The newspaper also reports that Cordish will manage and operate Waterside District as per the lease agreement.
MIAMI — Ready Capital Structured Finance has closed an $11 million loan for a 47,000-square-foot, Class B building located at 3415 N.E. 2nd Ave. in Miami’s Edgewater neighborhood. The property features street-level retail space, offices on the second and third floors and 104 parking spaces. Ready Capital closed the non-recourse, fixed-rate loan that features a 36-month term with one extension option and flexible pre-payment options. The loan includes facilities to provide future funding for capital improvements, leasing costs and interest and carry reserves.
ATLANTA — The Dilweg Cos. has acquired The Pointe, a two-building office development located in Atlanta’s Central Perimeter submarket. The seller and sales price were not released, but the Atlanta Business Chronicle reports that Dilweg purchased the project for $46 million. The buildings total 418,000 square feet and were built in 1981 and 1985. The Pointe was 66 percent leased at the time of sale to tenants including Cisco, Compass Group and Ecova. Dilweg plans to invest more than $3 million to improve the building’s operating systems, common areas and tenant amenities. The purchase of The Pointe brings Dilweg’s Atlanta office holdings to nearly 2 million square feet. CBRE represented the undisclosed seller in the transaction.
OCOEE, FLA. — Bluescope Buildings North America Inc. has broken ground on two industrial buildings within The Park @ 429 spanning 441,117 square feet. The industrial park is situated in Ocoee, roughly 12 miles west of Orlando. The two rear-load buildings feature 30- and 32-foot clear heights, dock doors, drive in doors, truck courts and ESFR sprinkler systems. The park has immediate access to the Western Beltway, Florida’s Turnpike, the East-West Expressway and State Route 50. Cite Partners is marketing The Park @ 429 on behalf of the owner, The 429 LLC, according to the Orlando Business Journal.